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PART ONE:THE WORLD OF FINANCE1

Glossary1

Index1

Chapter1:Finance and the Firm1

The Field of Finance2

Chapter1:Finance and the Firm12

PART ONE THE WORLD OF FINANCE2

Contents2

The Role of the Financial Manager3

Financial Management3

Finance Career Paths3

The Basic Financial Goal of the Firm5

In Search of Value6

Legal and Ethical Challenges in Financial Management9

Finance at Work: Melanie Rosen.Electronic Media.The New York Times9

Agency Issues10

The Interests of Society as a Whole11

The Interests of Other Groups11

The Proprietorship12

Forms of Business Organization12

The Partnership13

What s Next14

The Corporation14

Summary15

Self.Test16

Review Questions16

Producing Pro Forma Financial Statements17

Answers to Self-Test17

Build Your Communication Skills17

Chapter2:Financial Markets and Interest Rates18

Chapter 2: Financial Markets and Interest Rates18

The Financial System19

Securities20

Financial Intermediaries20

Financial Markets21

The Primary Market21

The Secondary Market21

The Money Market22

The Capital Market22

Security Exchanges22

The Over-the-Counter(OTC)Market22

Market Efficiency23

Securities in the Financial Marketplace23

Securitics in the Moncy Market23

Ethical Connections: The Dog Ate My Investment24

Securities in the Capital Market25

Financial Management and You: How to Buy Treasury Securities without Using a Broker28

Interest29

Determinants of Interest Rates29

The Yield Curve32

What s Next33

Summary33

Self-Test35

Review Questions35

Build Your Communication Skills35

Problems36

Answers to Self-Test36

Chapter 3: Financial Institutions38

Chapter3:Financial Institutions38

Financial Intermediation39

Denomination Matching40

Absorbing Credit Risk41

Commercial Banks41

Bank Regulation42

Commercial Bank Operations42

Ethical Connections: How Ethical Is Your Financial Institution?44

The Federal Reserve System44

Organization of the Fed45

Controlling the Money Supply46

Savings and Loan Associations47

Legislation Affecting S Ls47

The Discount Window47

Regulation of S Ls48

Mutual Companies versus Stockholder Owned Companies48

The Problem of Matching Loan and Deposit Maturities48

S Ls Real Assets49

Gredit Unions50

The Common Bond Requirement50

Members as Shareholders50

Credit Unions Compared to Banks50

Credit Union Regulation50

Finance Companies,Insurance Companies,and Pension Funds51

Types of Finance Companies51

Insurance Companies52

Financial Management and You:The Social Security Sytem53

What s Next54

Summary54

Build Your Communication Skills55

Review Questions55

Self-Test55

Answer to Self-Test56

PART TWO ESSENTIAL CONCEPTS IN FINANCE57

Chapter 4:Review of Accounting57

Chapter4:Review of Accounting57

PART TWO:ESSENTIAL CONCEPTS IN FINANCE57

Reviw of Accounting58

Fundamentals58

Basic Accounting Financial Statements59

The Income Statement59

Ethical Connections:Box Office Hits—Who Profits?62

The Balance Sheet63

The Statement of Cash Flows66

Depreciation69

Calculating the Amount of Depreciation Expense69

Income Taxes71

Financial Management and You: Your Personal Tax Rates72

Whats Next73

Summary73

Self-Test73

Review Questions74

Build Your Communication Skills74

Problems75

Answers to Self-Test78

Chapter5:Analysis of Financial Statements79

Chapter5:Analysis of Financial Statements79

Assessing Financial Health80

Financial Ratios81

Misleading Numbers81

The Basic Financial Ratios83

Caculating the Ratios83

Finance at Work: Lee Anne Schuster,Kitchell Contractors,Marketing94

Trend Analysis and Industry Comparisons94

Trend Analysis95

Industry Comparisons96

Summary Analysis: Trend and Industry Comparisons Together96

Locating Information about Financial Ratios98

What s Next100

Summary100

Equations Introduced in This Chapter101

Self-Test102

Review Questions102

Build Your Communication Skills102

Problems103

Answers to Self-Test110

Chapter:6: Forecasting for Financial Planning111

Chapter6:Forecasting for Financial Planning111

Why Forecasting Is Important112

Forecasting Approaches113

Why Forecasts Are Sometimes Wrong114

Forecasting Sales115

Forecasting Finaancial Statements116

Budgets117

Finance at Work: Keith Ender,Customer Service Representative,James River Paper Company126

Analyzing Forecasts for Financial Planning127

Whats Next128

Summary128

Self-Test129

Review Questions129

Build Your Communication Skills129

Problems129

Answers to Self-Text135

Chapter7: Risk and Return136

Chapter7:Risk and Return136

Risk137

Risk Aversion137

The Risk-Return Relationship137

Measuring Risk138

Using Standard Deviation to Measure Risk138

Using the Coefficient of Variation to Measure Risk142

The Types of Risks Firms Encounter144

Business Risk144

Financial Risk146

Portfolio Risk148

Dealing With Risk154

Risk-Reduction Methods154

Compensating for the Presence of Risk155

Financial Management and You: Mutual Funds and Risk155

What s Next158

Summary158

Equations Introduced in This Chapter159

Self-Test160

Review Questions161

Build Your Communication Skills161

Problems161

Answers to Self-Test165

Chapter8: The Time Value of Money167

Chapter8:The Time Value of Money167

Why Money Hals Time Value168

Measuring the Time Value of Money168

The Future Value of a Single Amount169

The Sensitivity of Future Values to Changes i n Interest Rates of the Number of Compounding Periods172

The Present Value of a Single Amount172

The Sensitivity of Present Values to Changes in k and n175

Working with Annuities176

Future Value of an Ordinary Annuity176

The Present Value of an Ordinary Annuity179

Ethical Connections: When a Million Isn t a Million.Taking a Chance on the Time Value of Money181

Future and Present Values of Annuities Due181

Perpetuities183

Present Value of an Investment with Uneven Cash Flows183

Special Time Value of Money Problems185

Finding the Interest Rate185

Finding the Number of Periods188

Solving for the Payment189

Compounding More than Once per Year191

What s Next194

Equations Introduced in This Chapter195

Summary195

Self-Test197

Review Questions198

Build Your Communication Skills198

Problems198

Answers to Self-Test202

Chapter9: Bond and Stock Valuation203

Chapter9:Bond and Stock Valuation203

The Importance of Bond and Stock Valuation204

A General Valuation Model204

Bond Valuation205

Semi-Annual Coupon Interest Payments207

The Yield to Maturity of a Bond208

The Relationship Between Bond YTM and Price210

Finding the Present Value of Preferred Stock Dividends212

Preferred Stock Valuation212

The Yield on Preferred Stock213

Common Stock Valuation214

Common Stock Going Concern Valuation Models214

Balance Sheet Valuation Approaches217

Deciding Which Stock Valuation Approach to Use218

The Yield on Common Stock218

What s Next218

Summary219

Equations Introduced in This Chapter220

Self-Test221

Review Questions222

Build Your Communication Skills222

Problems222

Answers to Self-Test226

Appendix 9A: Common Stock Valuation: Supernormal Growth228

PART THREE LONG-TERM FINANCIAL MANAGEMENT DECISIONS230

Chapter10: Capital Budgeting Decision Methods230

Chapter10:Capital Budgeting Decision Methods230

PART THREE:LONG-TERM FINANCIAL MANAGEMENT DECISIONS230

The Capital Budgeting Process231

Decision Practices231

Types of Projects232

Capital Budgeting Cash Flows232

Stages in the Capital Budgeting Proess232

Capital Budgeting Decision Methods233

The Net Present Value(NPV)Method234

The Intermal Rate of Return(IRR)Method240

Problems with the IRR Method243

Conflicting Rankings between the NPV and IRR Methods243

Capital Rationing244

Finance at Work: Jim Bruner,Former Maricopa County Supervisor,State of Arizona246

Risk and Capital Budgeing247

Measuring Risk in Capital Budgeting248

Adjusting for Risk249

What s Next250

Summary250

Equations Introduced in This Chapter251

Review Questions252

Self-Test252

Build Your Communication Skills253

Problems253

Answers to Self-Test260

Appendix 10A: Wrinkles in Capital Budgeting262

Non-Simple Projects262

Multiple IRRs263

Mutually Exclusive Projects with Unequal Project Lives264

Comparing Projects with Unequal Lives265

Equations Introduced in This Appendix267

Chapter11: Estimating Incremental Cash Flows268

Chapter11:Estimating Incremental Cash Flows268

Incremental Cash Flows269

Types of Incremental Cash Flows270

Initial Investment Cash Flows270

Operating Cash Flows271

Cash Flows at the End of a Project s Life274

Incremental Cash Flows of an Expansion Project274

Financial Management and You: The Incremental Costs of Studying Abroad275

An Asset Replacement Decision280

Financing Cash Flows281

Self-Test282

Summary282

Whats Next282

Build Your Communication Skills283

Review Questions283

Problems284

Answers to Self-Test287

Chapter12:The Cost of Capital288

Chapter 12: The Cost of Capital288

The Cost of Capital289

Sources of Capital290

The Cost of Debt290

The Cost of Preferred and Common Stock Funds292

The Weighted Average Cost of Capital(WACC)297

The Marginal Cost of Capital(MCC)299

Finance at Work: Interview with Fred Higgins:Mint Mart Foods.Inc.CEO300

The Firm s MCC Schedule300

The MCC Schedule and Capital Budgeting Decisions304

The Optimal Capital Budget306

The Importance of MCC to Capital Budgeting Dccisions307

What s Next307

Summary307

Equations Introduced in This Chapter308

Self-Test309

Review Questions310

Build Your Communication Skills310

Problems310

Answers to Self-Test315

Chapter13:Capital Structure Basics316

Chapter 13: Capital Structure Basics316

Breakeven Analysis and Leverage317

Constructing a Sales Breakeven Chart317

Applying Breakeven Analysis320

Leverage323

Operating Leverage323

Financial Leverage326

Combined Leverage328

LBOs329

Ethical Connections: Ei Tu,Wilson?330

Capital Structure Theory331

Tax Deductibility of Interest331

Modigliani and Miller331

Toward an Optimal Capital Structure332

What s Next334

Summary334

Equations Introduced in This Chapter335

Review Questions337

Build Your Communication Skills337

Self-Test337

Problems338

Answers to Self-Test341

Chapter14:Corporate Bonds,Preferred Stock,and Leasing343

Chapter14: Corporate Bonds,Preferred Stock,and Leasing343

Bond Basics344

Features of Bond Indentures344

Severity345

Plans for Paying off the Bond Issue346

Call Provisions346

Restrictive Covenants348

The Independent Trustee of the Bond Issue349

Types of Bonds349

Secured Bonds349

Convertible Bonds351

Variable Rate Bonds352

Putable Bonds354

Junk Bonds354

International Bonds354

Ethical Connections: Repealing a Subsidy Generates Trash Talk355

Super Long-Term Bonds355

Preferred Srock Dividends356

Preferred Srock Investors356

Preferred Srock356

Leasing357

Genuine Leases versus Fakes357

Operating and Financial(Capital )Leases358

What s Next359

Summary359

Self-Test360

Equations Introduced in This Chapter360

Review Questions361

Build Your Communication Skills361

Problems361

Answers to Self-Test363

Appendix 14A: Bond Refunding363

A Sample Bond Refunding Problem364

Chapter15:Common Stock367

Chapter15: Common Stock367

The Characteristies of Common Stock368

Stock Issued by Private Corporations370

Stock Issued by Publicly Traded Corporations370

Finance at Work: Chris Heller:Corporare Communications Consultant371

Institutional Ownership of Common Stock372

Voting Rights of Common Stockholders372

Proxies372

Board of Directors Elcctions373

The Pros and Cons of Equity Financing375

Disadvantages of Equity Financing375

Advantages of Equity Financing376

Issuing Common Stock376

The Function of Investment Bankers377

Pricing New Issues of Stock379

Rights and Warrants380

Preemptive Rights380

Warrants383

What s Next385

Summary385

Equations Introduced in This Chapter386

Self-Test387

Review Questions387

Build Your Communication Skills387

Problems387

Answers to Self-Test389

Chapter16:Dividend Policy391

Chapter 16: Dividend Policy391

Dividends392

Why a Dividend Policy Is Necessary392

Factors Affecting Dividend Policy393

Need For Funds393

Management Expectations and Dividend Policy393

Stockholders Preferences393

Restrictions on Dividend Payments394

Cash versus Earnings394

Leading Dividend Theories396

The Residual Theory of Dividends396

The Clientele Dividend Theory397

The Signaling Dividend Theory397

Modigliani and Miller s Dividend Theory398

The Mechanies of Paying Dividends398

The Bird-in-the-Hand Theory398

Financial Management and You: Dividend Reinvestment Records Can Avoid Tax Headaches400

Dividend Reinvestment Plans400

Alternatives to Cash Dividends400

Stock Dividends and Stock Splits400

What s Next405

Summary405

Review Questions406

Build Your Communication Skills406

Equations Introduced in This Chapter406

Self-Test406

Problems407

Answers to Sefl-Test409

PART FOUR SHORT-TERM FINANCIAL MANAGEMENT DECISIONS410

Chapter 17: Working Capital Policy410

PART FOUR:SHORT-TERM FINANCIAL MANAGEMENT DECISIONS410

Chapter17:Working Capital Policy410

Managing Working Capital411

Why Businesses Accumulate Working Capital412

Fluctuating Current Assets412

Permanent and Temporary Current Assets413

Estabilsbing the Optimal Level of Current Assets414

Liquidity versus Profitability414

Managing Current Liabilities:Risk and Return415

Three Working Capital Financing Approaches415

The Aggressive Approach416

The Conservative Approach417

The Moderate Approach418

Working Capital Financing and Financial Ratios418

What s Next419

Finance at Work: Interview with Michaet Coleman.Vice President of Tek Soft420

Summary421

Self-Test421

Build Your Communication Skills422

Review Questions422

Problems423

Answers to Self-Test426

Chapter18:Managing Cash428

Chapter 18: Managing Cash428

Cash Management Concepts429

Determining the Optimal Cash Balance429

The Minimum Cash Balance430

The Maximum Cash Balance431

Determining the Optimal Cash Balance432

Finance at Work: Karen Noble,Professional Glofer434

Forecasting Cash Needs435

Developing a Cash Budget436

Managing the Cash Flowing in and out of the Firm440

Increasing Cash Inflows440

Decreasing Cash Outflows443

Speeding Up Cash Iuflows443

Slowing Down Cash Outflows444

What s Next445

Summary445

Review Questions446

Self-Test446

Build Your Communication Skills446

Equations Introduced in This Chapter446

Problems447

Answer to Self-Test449

Chapter 19: Accounts Receivable and Inventory451

Chapter19:Accounts Receivable and Inventory451

Why Firms Accumulate Accounts Receivable and Inventory453

How Accounts Receivable and Inventory Affect Profitability and Liquidity454

Findig Optimal Levels of Accounts Receivable and Inventory455

The Optimal Level of Accounts Receivable455

The Optimal Level of Inventory460

The ABC Inventory Classification System466

Just-in-Time Inventory Control(JIT)466

Inventory Management Approaches466

Making Credit Decisions467

Collection Policies to Handle Bad Debts468

Finance at Work: Joann K.Jones,CEO of Capital Electric Supply470

What s Next471

Summary471

Equations Introduced in This Chapter472

Self-Test472

Review Questions473

Bulid Your Communication Skills473

Problems474

Answers to Self-Test478

Chapter 20: Short-Term Financing482

Chapter20:Short-Term Financing482

The Need for Short-Term Financing484

Short-Term Financing versus Long-Term Financing484

Short-Term Financing Alternatives485

Short-Term Loans from Banks and Other Institutions485

Trabe Credit486

Commercial Paper488

How Loan Terms Affect the Effective Interest Rate of a Loan489

The Effective Interest Rate Discount Loans490

Compensating Balances491

Loan Maturities Shorter than One Year492

A Comprehensive Example493

Computing the Amount to Borrow494

Collateral for Short-Term Loans495

Accounts Receivable as Collateral495

Inventory as Collateral495

Financial Management and You: Easy Com,Easy Go:The Cost of Credit496

Summary497

What s Next497

Equations Introduced in This Chapter498

Self-Test499

Review Questions500

Build Your Communications Skills500

Problems500

Answers to Self-Test501

Chapter21:International Finance503

PART FIVE:FINANCE IN THE GLOBAL ECONOMY503

Chapter 21: International Finance503

Financial Advantages of Foreign Operations504

Multinational Corporations504

PART FIVE FINANCE IN THE GLOBAL ECONOMY504

Ethical Issues Facing Multinational Corporations505

Comparative Advantage506

Exchange Rates and Their Effects507

Fluctuating Exchange Rates Cross Rates508

Exchange Ratc Effects on MNCS510

Exchange Ratc Effects on Foreigri Stock and Bond Investments510

Managing Risk511

Hedging511

Diversification Benefits of Foreign Investments511

American Depository Receipts512

Finance At Work: Interview with Don Burton,International Import-Export Institure513

Exchange Rate Theories514

Purchasing Power Parity Theory514

International Fisher Effect515

Interest Rate Parity Theory515

Other Factors Affecting Exchange Rates515

Government Intervention in Foreign Exchange Markets516

Cultural Risk517

Political Risk517

Political and Cultural Risks Facing MNCs517

International Trade Agreements518

NAFTA518

GATT519

European Union519

Free Trade versus Fair Trade519

Summary520

Equations Introduced in This Chaper521

Self-Test521

Review Questions521

Build Your Communication Skills521

Problems522

Answers to Self-Test523